Malta Will Implement Blockchain to Improve the Public Transport System

Cryptocurrencies and the blockchain technology behind them are becoming more and more popular every day. Many companies, as well as countries, want to make use of the new financial technology. Thus, the Maltese government has decided to create a transport and logistics platform using blockchain tech, bitcoinmagazine.com reports.

“We believe in Omnitude’s blockchain technology and its broad use-cases for the government. We can see its potential in a range of government departments and it will form a cornerstone technology platform as part of our commitment to drive forward innovation. It will improve the quality of life and enhance access to information for Maltese citizens. Blockchain technology is a key part of our national technology strategy that will see us transform different sectors,” Ian Borg, Malta’s Minister for Transport, Infrastructure and Capital Projects, commented in a press release.

Malta has started to collaborate with a blockchain platform Omnitude in order to improve public transport service. Besides, the fintech company has also partnered with Formula One to apply blockchain tech to high-qualified and complex engineering projects.

It is worth mentioning that Malta has been aspiring to become a true bitcoin hub since last March. The country has already made some steps in that direction. Malta welcomed one of the largest and most popular cryptocurrency exchanges Binance to its local financial market. Furthermore, OKEx, a trade coin exchange, and Neufund, a blockchain-powered fund platform, joined the list of fintech businesses operating in the country.